The DAX Index fell 0.3 percent to 9,076.48 at the close of
trading in Frankfurt. The gauge rose 0.8 percent last week after
better-than-forecast U.S. economic growth and payrolls data. It
has gained 19 percent this year as central banks around the
world pledged to leave interest rates low for a prolonged
period. The broader HDAX Index dropped 0.5 percent today.

“Equity markets are taking a breather today after the
recent run to all-time highs, with an increasing number of stock
holders grabbing the opportunity of the recent strength to get
rid of holdings,” Christoph Hock, an equity sales trader at
Alpha Wertpapierhandels GmbH in Frankfurt, wrote in an e-mail.

The Communist Party of China’s central committee concluded
its third plenary meeting to outline the direction of economic
reforms, the first such gathering under the presidency of Xi
Jinping. Policymakers agreed that markets should play a
“decisive” role in allocating resources, the official Xinhua
News Agency reported, citing a communique from the gathering.

Infineon Slides

Infineon dropped 5.6 percent to 6.88 euros. Earnings before
interest and taxes, which the manufacturer calls segment result,
will total 8 percent to 10 percent of sales in the three months
through December. That compares with the fourth-quarter margin
of 14.1 percent. A quarter-on-quarter sales decline will be
“significantly more pronounced” for the power-management and
chip-card and security businesses, Infineon said in a statement.

Evotec AG, the drug research and development company,
tumbled 16 percent to 4.06 euros, its biggest drop in nine
years, after posting a nine-month operating loss of 4.2 million
euros ($5.6 million).

Gagfah SA slid 1.8 percent to 10.50 euros. The second-biggest owner of German homes said third-quarter profit fell 3.9
percent after the sale of apartments reduced rental income.
Funds from operations excluding asset sales dropped to 31.9
million euros from 33.2 million euros a year earlier.

Lanxess AG fell 4.7 percent to 49.86 euros after lowering
the top end of its profit forecast for 2013. The chemical maker
adjusted its 2013 earnings before interest, tax, depreciation
and amortization pre-exceptionals prediction to between 710
million euros and 760 million euros, compared with an earlier
estimate of between 700 million euros and 800 million euros.

Deutsche Wohnen

Deutsche Wohnen climbed 1.1 percent to 14.11 euros.
Germany’s second-largest residential landlord by market value
said nine-month funds from operations excluding divestments, a
measure of a property company’s ability to generate cash,
climbed to 86.3 million euros from 52.4 million euros a year
earlier.

Henkel added 1.3 percent to 82.68 euros. The maker of Fa
deodorant raised its full-year profit goal to about 15 percent
of sales from 14.5 percent after third-quarter earnings beat
estimates, helped by growth at its laundry and home-care unit.

The volume of shares changing hands in DAX-listed companies
was 16 percent higher than the average of the last 30 days,
according to data compiled by Bloomberg.